News - Page 3 of 9 - Affordable Housing Investment Brokerage

Mayfair Apartments - Section 8 - Full HAP

HAP Coverage in Kansas City

Mayfair Apartments, located at 1224 E. Linwood Blvd. in Kansas City, MO is a 60-unit affordable housing community. Fifty-nine of the sixty units are covered by a 20 year HAP contract that was entered in 2007. All of the units are one-bedroom apartments, an ideal setting for senior tenants. Located two miles southeast of downtown Kansas City, tenants have access to many local area amenities. Mayfair Apartments is also located in a Qualified Census Tract as well as [...]

Summit Syracuse - Section 8 - Partial HAP - Syracuse, NY

Partial HAP Sale in New York

Summit Apartments, located at 301 Columbus Ave. in Syracuse, NY is a 108-unit affordable housing community (Partial HAP Contract) that is spread between five sites within a two-mile radius of Syracuse University. Ninety-three of the 108 units are covered by a 20 year HAP contract that was entered in 2006. Rents are 20% below market averages and is located in a Qualified Census Tract. The structure of this deal is well positioned to either cash flow with continued [...]

November 1, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

60 LIHTC Units Near Springfield

Yesterday, October 21, AHIB closed on 60 LIHTC Units near Springfield, Illinois. The two story garden community known as Chatham Crossing was developed with the Low Income Housing Tax Credit (LIHTC). The property was placed in service in 2005, therefore it is currently in the Extended Use Compliance period which continues until 2035. Chatham is a city of just over thirteen thousand people, located in the Springfield MSA, approximately two miles south of the Illinois State Capital. Seventy percent [...]

October 22, 2021 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property Comments Off

Western Illinois HAP Sale

AHIB recently completed a full HAP sale in Western Illinois. Fieldcrest Apartments includes forty-one apartments operating under one HAP contract at two different sites in Western Illinois, specifically in the cities of Orion and Cambridge. The two locations are located approximately twelve miles apart and fourteen miles from the Quad Cities MSA. All units are reserved for independent seniors or disabled individuals. Fieldcrest was owned by long-term investors who have made numerous improvements to the properties, leaving [...]

September 20, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Full HAP coverage-New York-Briarwood MEadows

Full HAP Coverage in New York

Briarwood Meadow Apartments is a thirty-three unit apartment community with full HAP coverage from a project-based Section 8 contract. The community is in Black River, just outside of Watertown, New York. Watertown is the county seat of Jefferson County with a population just under one hundred ten thousand residents. The property has undergone significant physical renovations in recent years and has current rents that trail the market. Contract rents are both below comparable properties in the market, and HUD [...]

September 7, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Midwest Multifamily & Affordable Housing Business

The Multifamily & Affordable Housing Business regional magazine covers the full spectrum of news and trends analysis in the multifamily, affordable and workforce housing sector. The July/August edition of Midwest Multifamily & Affordable Housing Business features AHIB Managing Director Kyle Shoemaker in the following cover story: “Why Investors are Flocking to Multifamily.” The stability of both market-rate and affordable housing — even during a pandemic — is driving sales amid a push for portfolio diversification. You can [...]

August 20, 2021 By Kyle Shoemaker News Comments Off

LIHTC Award - Summit Garden-Jonestown Mississippi

9% LIHTC Award

Affordable Housing Investment Brokerage, Inc. represented the seller of the 65-unit Summit Garden Apartments in Jonestown, Mississippi. All the units of the multifamily property are covered by a Project-Based Section 8 HAP Contract that was entered in 2011 through the HUD Office of Housing Property Disposition. AHIB represented Summit Corporations in the sale of the Summit Garden Apartments to Hughes Spelling. The buyer received a 9% LIHTC award to complete the acquisition and renovation. Multiple offers were procured on [...]

July 9, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Riverwalk senior-120-unit LIHTC-Lyons Illinois

120-unit LIHTC Community Outside Chicago

(June 30, 2021) – Affordable Housing Investment Brokerage Inc. (AHIB) recently sold a 120-unit independent senior living community in Lyons, Illinois for $8,800,000. Riverwalk sold for over list price with multiple offers procured. Managing Director Kyle Shoemaker represented the seller, Barron Development LLC, and buyer to complete the transaction. Riverwalk is a 120-unit, six-floor complex 15 miles outside Chicago, Illinois. Built in 2003, the community is located in Lyons at the corner of Ogden and Joliet avenues, within close proximity to [...]

June 30, 2021 By Kyle Shoemaker Sell LIHTC Property, Sell Section 42 Property, Sell Tax Credit Property Comments Off

Senior HAP Sale in Wichita

On June 17, 2021, AHIB completed the sale of Greenway Park, a 91-unit Senior HAP complex. Built in 1979, Greenway Park is a Project-Based Section 8 Senior and Disabled property consisting of one 3-story building containing 91 one-bedroom apartment homes on 3.25 acres. Greenway Park is located at 404 W. Pawnee Avenue just minutes from downtown Wichita. The property is one of a very few competing properties for affordable, independent senior apartment options in the area. This Senior HAP project [...]

June 17, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property, Sell Subsidized Property Comments Off

Florida Project-Based Section 8 Sale

In February, 2021, AHIB closed on the Florida project-based section 8 sale known as Baker Manor. Located in Macclenny, Florida, Baker Manor is located within the Jacksonville, Florida MSA. The property was originally constructed around 1974 and was renovated in 1997 using State Apartment Incentive Loan (SAIL) funds. The garden style apartments consist of one-bedroom, two-bedroom and three bedroom units. Property amenities include a playground, a pool, laundry facility and a community room. Baker Manor Apartments is fully-covered by [...]

March 1, 2021 By Kyle Shoemaker Sell HAP Contract Property, Sell Section 8 Property Comments Off